Summa Group will be the projects' strategic investor

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RIYADH, October 26. /TASS/. Russia’s Summa Group is investing into the Hyperloop train project and the food hub in Saudi Arabian Neom city of future in cooperation with the Russian Direct Investment Fund (RDIF), Board Chairman of the Group Ziyavudin Magomedov told TASS on Thursday.

"We see our strategy relatively to Neom in two key projects: this is the Hyperloop and the food hub construction project. We do not want to spread ourselves too thin and therefore we will focus on these two projects," Magomedov said.

"I believe the RDIF will be our partner and will co-invest with us," he added.

Summa Group will be the strategic investor into projects and the RDIF will act as the co-investor, Magomedov said.

The Russian Direct Investment Fund (RDIF) jointly with the leading Russian and international partners will take part in creating Saudi Arabia’s futuristic megacity Neom in the desert and is ready to invest several billion dollars, its Director General Kirill Dmitriev said earlier on Thursday.

According to Dmitriev, the RDIF and partners plan to pour money in the projects in solar energy, healthcare, high-speed transport, in particular Hyperloop, port infrastructure and artificial intellect.

This week, Saudi Arabia, the world’s largest oil producer and exporter, unveiled its ambitious project for the construction of an ultra-futuristic megacity Neom in the desert, which will fully rely on wind and solar power and is set to become a high-tech hub for Asia and Africa. The project will be led by former chairman of the Alcoa aluminum giant Klaus Kleinfeld.